Key Events Today:

11:30 UTC: USD – Non-Farm Employment Change.

13:00 UTC: USD – ISM Manufacturing Index.

The Japanese Yen (JPY) retreated from its recent gains after the release of the Manufacturing Purchasing Managers’ Index (PMI) from Jibun Bank and S&P Global on Friday. However, the USD/JPY pair decreased as the yen strengthened following comments from Bank of Japan (BoJ) Governor Kazuo Ueda on Thursday, which raised the likelihood of a rate hike in December.

The Jibun Bank Manufacturing PMI for Japan was 49.2 in October, indicating a decline from 49.7 in September. This index signals that at the beginning of the fourth quarter of 2024, Japan’s manufacturing industry continued to contract, with production and new orders decreasing at a more pronounced rate.

Japan’s Chief Cabinet Secretary Yoshimasa Hayashi stated on Friday that he expects the Bank of Japan to work closely with the government to conduct appropriate monetary policy aimed at achieving the target inflation rate sustainably and stably.

Traders are awaiting the release of the US Non-Farm Payroll (NFP) report on Friday. The US economy is expected to add 113,000 jobs in October, with the unemployment rate projected to remain unchanged at 4.1%.

Recommendations: Predominantly buy orders from the current price level.